The VeChain Foundation is calling on cryptocurrency exchanges across the globe to block 1.1 billion in the company’s native cryptocurrency, VET.
VeChain, a public blockchain that focuses on transparency in supply change logistics, announced on Friday that stolen tokens were transferred to a hacker’s address.
VeChain is tracing the transfer of the tokens in real time in an effort to stop the thieves from cashing out.
“All the addresses associated with the said hacker’s address have been tagged on VeChainStats, the list is automatically updated as soon as the hacker sends any funds from the original hacker’s address.”
The stolen crypto, worth approximately $650,000, is reportedly an inside job that has no bearing on VeChain’s hardware wallet technology, designed to protect the digital asset against security breaches.
The company says an internal investigation supports the following theory.
“Security breach was most likely due to misconduct of one of the team members within our finance team, who have created the buyback account without thoroughly obeying The Standard Procedure approved by the Foundation, and our auditing team did not pick up this misconduct, due to human error.
We would like to emphasize that the incident is in no way related to the effectiveness of the actual Standard Procedure or VeChain’s hardware wallet solutions.”